3 ms·
> it takes a lot of new housing to make a noticeable dent in rents Eh. My landlord is already stuck unable to raise rent because there are ~4 brand new mid-ri
by Swizec 4y ago
> it takes a lot of new housing to make a noticeable dent in rents
Eh. My landlord is already stuck unable to raise rent because there are ~4 brand new mid-rise complexes within a 3 block radius.
Why would I agree to their rent increase, if for that same price I can just move to a brand new managed property? So every year we negotiate and rent stays about sameish. Actually lower now than when we moved in pre-pandemic.
This is in SF.
- Laaas 4y agoWhy does your landlord not collude with the owners of the new complexes to raise rents together?
- Swizec 4y ago> Why does your landlord not collude with the owners of the new complexes to raise rents together? I imagine the various property owners in an area see each other more as competition than buddies. Or even targeting different demographics. Why would owners of a big building collude with some rando who happens to own a place or two?
- zamfi 4y agoProbably: A) illegal, and B) would have to be extremely widespread to not just serve to keep those units unrentable.
- deleted 4y ago[deleted]
- nordsieck 4y ago> Why does your landlord not collude with the owners of the new complexes to raise rents together? The more vacancies across the city, the more difficult collusion is.
- BurningFrog 4y agoCollusion can work with 2, maybe 3 suppliers. More than that, and somebody always breaks the pact fairly soon.
- twblalock 4y agoIf it wasn't in SF the landlord would probably sell your building to a developer who would raze it and build another new mid-rise. In SF that seems to be very difficult to do -- although those other new mid-rises must be replacing something that was there before.
- zamnos 4y agoA lot of times they are just finally replacing lots that have sat empty for years or decades. Due to some unknown reason, SF has quite a few lots that are simply stuck in time. No development can be done, they can't be bought or sold, they're just there, waiting for a change that will never come. The local papers like Mission Local probably has somebody who knows what's up with that though.
- twblalock 4y agoThe reason is not unknown. It takes an average of over two years to get construction approved in SF. Almost anyone can slow it down a project they don't like it, for a variety of reasons. Sometimes even members of the Board of Supervisors personally intervene to prevent it. There is a good rundown here, written earlier this week: https://www.sfchronicle.com/opinion/openforum/article/sf-housing-development-red-tape-17815725.php https://www.sfchronicle.com/opinion/openforum/article/sf-hou...